Judicial Watch reports that the Department of Justice is giving liberal activist groups money from a $16.6 billion settlement with Bank of America. The groups benefitting from the lawsuit, according to Investor’s Business Daily, are the National Council of La Raza, Operation Hope, National Community Reinvestment Coalition, and Neighborhood Assistance Corporation of America. The money also went to “delinquent borrowers” in Chicago, Oakland, Detroit, Philadelphia, and other major “Democrat strongholds.” “This is a wealth redistribution scheme disguised as a lawsuit,” Tom Fitton, president of Judicial Watch, told The Daily Caller. “And who benefits from the distribution? Interest groups the administration...

Once again, our Chicago-style Attorney General has proven that corruption is the basic foundation upon which the modern Democrat Party is built. Eric Holder, the nationÂ’s top extortionist officer, has been running around the financial sector suing banks for anything (and everything) he can get away with. Ally Bank paid millions for alleged racist lending practices (an allegation the DOJ made without ever looking at loan portfolios), JP Morgan has shelled out billions for various anti-Obama comments regulatory infractions, and Bank of America just paid a $16.6 billion fine for their government-mandated role in the financial crises of 2008.Aside from...

Tyler Durden 08/26/2014 After spending time in Argentina, BofA's Marcos Buscaglia is concerned... The perception of many locals is that the risks of an economic/currency crisis before year-end have increased significantly. This compares to a view they had before of a muddle-through till the 2015 presidential elections. Policy decision-making is ever more concentrated, and the administration has radicalized, but the severe economic downturn will change political incentives in 2015, in BofA's view. With the official peso rate at record lows once again, the black-market Dolar-Blue tumbled to over 14/USD - a record low indicating dramatic devaluation ahead (which of course,...

Bank of America is paying $6.3 billion to settle a lawsuit arising out of troubled mortgage-backed securities it cobbled together and sold to Fannie Mae and Freddie Mac in the run-up to the financial crisis. Including this latest settlement, the housing finance agency has recouped $16 billion in cash payments from banks and financial firms that sold mortgage-backed securities. The regulator, which filed 18 lawsuits, still has claims pending against seven banks and financial institutions.

Dow Jones says a goal of the 30-stock index is to capture the pulse of the broader economy. So why replace a rebounding Bank of America with Goldman Sachs? In the biggest change of the 30-stock index in nearly a decade, three companies will be replaced on the Dow Jones Industrial Average. Alcoa, Bank of America, and Hewlett-Packard are out, Nike, Goldman Sachs, and Visa (V) are in. The shake-up partly reflects declining fortunes and share prices, but the timing and reasons are nonetheless curious when we look at the departure of Bank of America (BAC). Like other big banks,...

A 21-year-old intern who worked grueling hours at Bank of America's London office died just a week before his internship was to conclude. Moritz Erhardt, who studied at the WHU-Otto Beisheim School of Management in Vallendar, Germany, reportedly had worked until 6 a.m. for three days straight and was found dead in his flat.

BofA: 'Buy America... The American Dream Is Back' Matthew BoeslerMarch 17, 2013, 9:10 AMLast week, JPMorgan said we're not that far from a "picture perfect world." Morgan Stanley said the U.S. economy was approaching an "inflection point" in mid-2013 from which growth would really start taking off. Now, BofA Merrill Lynch is out with a new report, titled "Buy America: The American dream is back." BAML strategists Ralph Preusser and Athanasios Vamvakidis write (emphasis added): Markets have fallen in love with the US. This is a significant change from spending the last five years wondering which economy was the worst,...

BofA: 'Don't Lose Sight Of The Bigger Picture ... Stay Bearish' Matthew BoeslerMarch 3, 2013, 12:13 PMBofA Merrill Lynch technical strategist MacNeil Curry is out with a pretty pessimistic note to begin the week. Curry's message to the bank's clients is that a coming bounce in the stock market following the first real sell-off of the year will probably prove to be only temporary. He notes that other risky assets, like European stocks and peripheral government debt, have already taken a turn down. Below are the key paragraphs from Curry's note: While the evidence warns of the potential for new...

FBI: Man Attempted To Bomb Bank, Trying To Set Off US Civil War By Pete Williams, NBC NewsFebruary 8, 2013 The FBI, ending a sting, says it has arrested a California man after he tried to set off what he thought was a car bomb at a bank in Oakland. Matthew Aaron Llaneza, 28, of San Jose, was arrested Friday morning, capping a months-long undercover investigation, the Justice Department said. Agents say he met last November with someone he thought was connected with the Taliban but who was actually an FBI agent. Prosecutors say Llaneza proposed car-bombing a bank in...

Bank of America has reportedly frozen the account of gun manufacturer American Spirit Arms, according to its owner, Joe Sirochman. In a Facebook post dated December 29, Sirochman wrote the following:“My name is Joe Sirochman owner of American Spirit Arms. . . our Web site orders have jumped 500 percent causing our Web site e-commerce processing larger deposits to Bank of America. So they decided to hold the deposits for further review.“After countless hours on the phone with Bank of America, I finally got a manager in the right department that told me the reason that the deposits were on...

BofA Makes The Case For $3,000 Gold Matthew BoeslerSeptember 25,2012Everyone loves gold these days. Deutsche Bank sees $2000 gold soon. And Citi says it could go to $2500 in six months. BofA, too: the firm recently initiated a $2,400 target price for the shiny yellow metal since the Fed's announcement of open-ended bond buying. However, BofA analyst Stephen Suttmeier thinks there's a case to be made that gold goes even higher than the bank's official call. In a note to clients today, Suttmeier writes: The secular bull case for Gold $3000 We remain secular bulls on gold. Key chart and...

Bank of America is planning to cut 16,000 jobs by year end as it speeds up a company-wide cost-cutting initiative amid declining revenues, "The Wall Street Journal" reported on Wednesday. Job cuts could begin in the company's European investment bank and sales and trading units as soon as Monday, sources told CNBC. Bank of America will begin layoffs in the U.S. on Thursday, September 27, sources said. The job cuts would put the second-largest U.S. bank a year ahead of schedule in eliminating 30,000 jobs under a program called Project New BAC. The job cuts could shrink the bank's workforce...

Just a vanity here... but the issue of the DNC filling the Panther's Stadium Thursday night has been rattling around my brain for a couple of days... like, what's the big whoop? It occurs to me that the DNC must present an image of the known universe being in support of Obama. But... Why? is it to stroke his image? to quell the doubts of those who voted for him but didn't get their new kitchen? to give a lolly pop to the dismayed? Probably just about anything you can come up with would be a legitimate answer to that...

A few months I was made aware of BOA support for various political issues that I disagree with via Freeper info posted by others. (Thank You) -In particular their support of efforts to curtail my 2nd amendment rights. Due to my direct deposits and automatic outgoing payments, it took me a couple of months to get setup with another institution before I could close. I personally feel that Corporations should stay out of politics. All the officers of a corporation have a right to their opinions, including what they "think is best for me". I reserve the right to make...

NEW YORK (TheStreet) -- Morgan Stanley (MS) shares have had a rough 2012, underperforming those of major competitors by so large a margin that the bank is now lagging even perennial post-crisis losers Citigroup(C) and Bank of America(BAC) according to certain metrics. Morgan Stanley shares have risen just 4.69% through Tuesday, well behind Citigroup, the next-worst performer among the largest six U.S. banks with gains of more than 19% so far in 2012. Bank of America, still the top performer in 2012 despite having lost more than 15% in the past month, has seen its shares rise more than 40%...

An Arizona-based firearms company says it is being treated unfairly by Bank of America for the type of business it does, a claim the bank denies. Kelly McMillian, operations director of the McMillian companies – which makes rifles, ammunition, gunstocks and related firearms equipment – said a bank vice president explained at a meeting last week that he no longer wanted McMillan's business because the companies manufacture firearms. “This has nothing to do with our financial position,” McMillian said Friday. “He said the bank needed to assess the risk of doing business with a firearms manufacturer.” McMillian said he was...

[UPDATE: In an email late this evening, Ryan McMillan has confirmed the validity of this story.] When the Bank of America was founded back in 1904, no one ever thought that it would one day truly be the Bank of America. As in (partially) government owned. Just like Government Motors, Chrysler, the entire student loan industry and more, the federal government’s insatiable grasping tentacles are woven throughout one of the world’s largest commercial bank and brokerage operations. And as has always been true, if you take the king’s shilling, you’re damned well going to do his bidding. The folks...

The whole bizarre incident started, as usual, in front of the Caffe Mediterraneum—center of the universe, where a tall man who resembles Jay Leno had attracted a crowd. Saying, "never trust a man in white shoes," he carried on like a Southern Baptist preacher, a white-suited version of Johnny Cash, as a Berkeley Poet Laureate, Julia Vinograd, later symbolized him for her next poem. For the past forty years Berkeley has hosted scores of entertaining street performers, such as Moon Man (selling lots on the moon), Polka Dot Man, Ricky Starr, Stoney Burke, Bubble Lady, the Nude Duo, Naked Man,...

"You can meet capital requirements by either raising capital or shrinking risk weighted assets," said Wiant. "Nobody wants to raise capital at these prices." That could be especially true now that the Federal Reserve said late Tuesday that BofA, along with five other large U.S. banks, will need to give the Fed loss estimates early next year that accounts for a "hypothetical global market shock."